Disability insurance

Disability insurance

Disability insurance

I am a self employed structural engineer and am considering getting occupation specific disability insurance.
Does anyone know of someone for whom the insurance company paid out in a case of an occupation specific disability?
What about an approaching dementia? Online I can only find cases where people had issues.

Thanks!

Eric McDonald, PE
McDonald Structural Engineering, PLLC

RE: Disability insurance

I know someone who suffered an accident, and was unable to work for a long time. He started on "short-term disability" support, which covered a significant portion of his wages until 3 months (I think it was 3 months) had elapsed. After that he was transferred to long-term disability support, which covered physiotherapy, medication, and other treatments to improve his mobility and ability to work, and a smaller, but still substantial portion of his salary. It also helped pay for changes to the office building that would make it more accessible for him when he came back to work. He wasn't always happy with the case worker that monitored his file, but at least he had the same case worker as contact to the insurance company. He didn't have to phone the "next random customer service rep" every time.

STF

RE: Disability insurance

Thanks SparWeb for your insights. Dementia is a "fleeting" and in the beginning not readily visible condition. A family member of mine had it. Before I sink money into something I want to make sure it will "work" if need to.

Eric McDonald, PE
McDonald Structural Engineering, PLLC

RE: Disability insurance

The policy you sign up for may have specific clauses for specific maladies. If there's anything you have seen in your family that could be in your future, then you want to look for it in the policy and decide if their coverage will support you, or throw you to the wolves. You should also expect a medical exam and risk analysis if you want the lowest premium. If you don't want to disclose something, you can accept a higher premium and just answer a questionnaire. If given a choice of insurance companies, give them exactly the same information to get quotes, otherwise you won't know if quote 1 is higher than quote 2 because you disclosed information to 1 and not 2 or because company 1 is always more expensive than company 2. I went to an insurance broker who did some of the legwork for me. That was early in my career, starting a family, working a job at a small company without employee benefits, so disability insurance made sense to me. Today I work at a company that has a policy for all of its workers. It's cheaper and has better coverage.

STF

Red Flag This Post

Please let us know here why this post is inappropriate. Reasons such as off-topic, duplicates, flames, illegal, vulgar, or students posting their homework.

Red Flag Submitted

Thank you for helping keep Eng-Tips Forums free from inappropriate posts.The Eng-Tips staff will check this out and take appropriate action.

Reply To This Thread

Posting in the Eng-Tips forums is a member-only feature.

Resources

Material selection can be a guessing game, but it doesn’t have to be. If you’re an engineer looking to quantitatively analyze a material to determine if its properties fit your application, then you’ll need to be ready with a wide range of facts. Download Now

Teach pendants are a critical part of the factory environment as they act as the human/machine interface for industrial robots. But since teach pendants are handheld, they are under a greater risk of damage due to falls. Download Now

Product development in most companies requires a sequential iterative process to come up with the right product. It can be time-consuming and time is a resource that is in the shortest supply. Download Now